All Forum Posts by: D.L. Berry

Hello, my name is Dave, and I'm a real estate addict. Someday they'll probably find me deceased, in a boarded up REO, with my financial calculator still in my hand. All kidding aside, it's been said, "find something that you truly love to do, and you'll never work a day in your life..." Well, congratulations it sounds like you've found that.

The Fannie Mae "First Look" program was structured specifically to eliminate competition between investors and owner occupants, for a period of 15 days, 30 in Nevada. We've also seen them extend the "First Look" period. As far as that contract goes there is supposed to be a affadavit signed at closing spelling out that this is your principal residence for a year. In this day and age when everyone wants to yell mortgage fraud, I'd hate to run afoul of that principal residence concept...Good luck...

Our standard Bird-dog fee starts at $500, but often that's for little more than an address. Our compensation is a sliding scale. If the deal's a home run, I want my Bird-dog well compensated ($5,000+), in that way he'll remember me when the next deal comes along...

Just like any other fields of endeavor, you have individuals of integrity, who see what they do as a profession and handle themselves as professionals. Their responsibilities often include upgrading the housing stock,providing clean, safe, affordable housing to their clientle,.,and so on. Then there are the others. I think you've met one of them...Much of this may have been avoided with the use of a simple inspection list, tied to the lease. A room by room walk-through, spelling out what the expectations were, delineating what was to be done and what the timeframe for completion was. This tends to eliminate the he said, she said from the rental process. I wish you better luck the next time...

This softening of rents may be a market shift, but looking down the road a year or two those may be the disgruntled landlords that you get to buy out, because they can't make a profit...

That's without making a payment...

Just curious, for those of you working pre-foreclosure, what's the longest that you've seen homeowners camping out in the property, without making a property???

I don't believe they are drying up...Nationwide right now Fannie Mae, Freddie Mac, and HUD have somewhere close to 270,000 homes in foreclosure. Of that only 70,000, give or take are on the market. From an economic standpoint the FEDs need to show that housing is moving forward, however slowly. Now, what happens to that report when that number nearly quadruples...? That's one reason for the shadow inventory. The banks have a different justification...

It sounds like he is just ill-informed, but why not simply assign your contract to him, take the money, and let him close with the seller. It eliminates the problem of trying to talk him out of something he thinks he knows and it saves on closing costs...Good luck.

Typically, if a bank accepts a deed in lieu of foreclosure it will clear the debt. Their credit report will usually reflect deed in lieu for 7 years. The advantage is that it's a much quicker scenario. The down side is there can't be any other liens or judgements against the property. Often, by the time someone is considering short sale or deed in lieu of foreclosure, the dominos have already begun to fall...